Withdrawals of Funds from the DIP Term Loan Proceeds Account Clause Samples

Withdrawals of Funds from the DIP Term Loan Proceeds Account. (a) The Borrower shall have the right to withdraw the funds on deposit in the DIP Term Loan Proceeds Account from time to time at any time on or after the Effective Date (but not more frequently than one time in any week period) by delivering a written notice to the Administrative Agent, the Financial Advisor and the Lenders (each such notice, a “DIP Funding Withdrawal Notice”); provided, that the amount of each such proposed withdrawal shall not exceed 110% of negative cash flow set forth in the Budget for the calendar week following immediately thereafter plus 100% of the favorable variance in disbursements (excluding professional fees) from the immediately preceding week. Each DIP Funding Withdrawal Notice shall specify the following information: (i) the amount of such withdrawal; 58 (ii) the date of such proposed withdrawal (the “Withdrawal Date”); and (iii) the account of the Borrower to which the proceeds of such withdrawal are to be disbursed. (b) For the avoidance of doubt, (i) all amounts held in the DIP Term Loan Proceeds Account shall constitute proceeds of funded New Money Loans for all purposes hereunder and shall be available to the Borrower as provided by Section 2.04(a), and, notwithstanding that the proceeds of such Loans are held in the DIP Term Loan Proceeds Account, shall bear interest in accordance with this Agreement and shall be subject to all other terms and provisions of this Agreement and the other Loan Documents to the same extent as all other Loans, and (ii) there shall be no conditions precedent to making any withdrawal from the DIP Term Loan Proceeds Account other than as set forth in this Section 2.04.